Overview

• Monte dei Paschi said acceptances to its share‑swap offer for Mediobanca reached 19.41%, up from 13.47% on August 14 after more than 49.5 million Mediobanca shares were tendered in a single day.
• Il Giornale reported that Delfin has largely apportioned its roughly 19.8% Mediobanca stake to the offer, a move that would push MPS closer to the de facto control threshold of about 35%.
• The European Central Bank approved Mediobanca’s all‑share bid for Banca Generali, which would be paid using Mediobanca’s Generali stake and offers a 14.5% premium to current prices, and Bankitalia cleared related control authorizations.
• Proxy advisers ISS, Glass Lewis and Pirc urged investors to back the transaction, turnout for the August 21 meeting is estimated at 75–80%, and only shares purchased by August 11 are eligible to vote.
• If shareholders approve, the offer period could open as soon as September 2, while MPS’s exchange offer runs to September 8 targeting 66.7% ownership although about 35% would confer de facto control.